In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 450 units at $7, and (3) 200 units at $8. Lily uses the periodic inventory system. (a1) Your answer has been saved. See score details after the due date. Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted-average unit cost $ 6.85 (a2) Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory $
In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 450 units at $7, and (3) 200 units at $8. Lily uses the periodic inventory system. (a1) Your answer has been saved. See score details after the due date. Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted-average unit cost $ 6.85 (a2) Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.) The cost of the ending inventory $
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 7SPB: COST ALLOCATION AND LOWER-OF-COST-OR-MARKET Hall Companys beginning inventory and purchases during...
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In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 350 units at $6, (2) 450 units at $7, and (3) 200 units at $8. Lily uses the periodic inventory system.
(a1)
Your answer has been saved. See score details after the due date.
Calculate the weighted-average unit cost. (Round answer to 2 decimal places, e.g. 15.25.)
Weighted-average unit cost |
$ 6.85
|
(a2)
Compute the cost of the ending inventory under the average-cost method, assuming there are 360 units on hand. (Round answer to 0 decimal places, e.g. 1,250.)
The cost of the ending inventory |
$
|
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